Europe’s golden visa landscape is undergoing a dramatic transformation, marked by a growing divergence in national policies. Once a popular avenue for high-net-worth individuals seeking expedited residency in the European Union, these ‘residence by investment’ schemes are facing increased scrutiny and, in some cases, outright abolition. This shift reflects a complex interplay of factors, including concerns about housing affordability, security risks, tax evasion, and the broader European Union’s push for greater transparency and ethical practices.
Golden visas, typically involving significant financial contributions—ranging from property purchases to substantial business investments or donations—have long offered a streamlined path to European residency. The allure is undeniable: successful applicants gain the right to live, work, and travel freely within the EU’s Schengen Area, often accessing benefits unavailable to those pursuing standard immigration routes. Some programs even extend to full citizenship—a ‘golden passport’—granting access to all the rights and privileges of a European citizen.
The appeal of golden visas has been amplified by global economic and political uncertainties. Americans seeking refuge from domestic political turmoil and Chinese investors seeking lucrative property opportunities in Europe have significantly boosted application numbers in recent years. However, this very success has fueled intense criticism and regulatory pressure.
The European Commission has consistently raised concerns about the potential for these schemes to undermine the EU’s values and principles of transparency. Specifically, worries around tax evasion, money laundering, and the potential exploitation of vulnerable housing markets have led to a significant push for reform.
Several prominent European nations have already acted decisively to curtail or eliminate their golden visa programs:
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Spain:
Plans to fully abolish its property-based golden visa program by January 2025, citing the need to combat housing speculation and ensure housing remains a fundamental right, not a luxury for the wealthy. Over 15,000 visas have been issued since 2013, largely through real estate investments exceeding €500,000.*
Portugal:
Eliminated real estate investment as a qualification for golden visas in October 2023, aiming to curb soaring property prices while maintaining avenues for business-related investments.*
Netherlands:
Ended its golden visa scheme in January 2024, responding to EU concerns regarding transparency and security risks.*
Ireland:
Terminated its program in February 2023, highlighting vulnerabilities to tax abuse.*
United Kingdom:
Scrapped its program in 2022, primarily focused on clamping down on illicit funds, particularly from Russia.Despite this trend, some countries remain steadfast in their commitment to golden visa programs:
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Hungary:
Reintroduced its program in July 2024, offering multiple investment options, making it a notable outlier in the current European climate.*
Italy:
Continues to offer a two-year residence permit for non-EU nationals investing at least €250,000 in Italian businesses. A pathway to citizenship exists after ten years of residency.*
Greece:
Remains a popular destination, though investment thresholds have increased in high-demand areas like Athens and Mykonos. Residency can be obtained relatively quickly.*
Malta:
Still offers both golden visas and passports, albeit with significant investment requirements and a longer processing time.The future of golden visas in Europe remains uncertain. The prevailing narrative indicates a growing emphasis on safeguarding national interests—particularly housing markets and economic stability—over attracting foreign investment. While some countries continue to welcome wealthy investors, the tightening regulatory environment suggests the window of opportunity for acquiring European residency through these programs may be closing rapidly. Those considering applying should act swiftly and carefully, consulting with immigration experts to navigate the evolving legal landscape.
